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Downtown's Pegasus Flies Away

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The Wall Street Journal reports that developer Kor Group and its equity partner Buchanan Street Partners sold the downtown apartment Pegasus building for $100 million to Chicago-based apartment company Equity Residential. According to WSJ, in 2004 Kor "transformed downtown Los Angeles's landmark General Petroleum headquarters into luxury rental apartments and renamed the project Pegasus"; the project is also "one of the city's biggest multifamily deals in the last year." [WSJ]